Question about lottery groups

Reply #5

tiggs95 — Thu, 18 Aug 2011 17:56:50 GMT

This sounds like a question for pumpi...Wait till he chimes in and helps..Hold that ticket till then..

Reply #4

JusCurious — Thu, 18 Aug 2011 17:32:18 GMT

No need to divide groups into groups; just complete tax form 5754, listing each person's share, and submit it to the lottery agency when claiming.

Let's say the 'club contains 4 members sharing equally, consisting of 3 individuals, and the forth being a group of 5 people. Each of the 3 individuals would be allocated a 25% share, and each of the 5 people in the 'group' would get 5%. Each member would then get a W-2g for their share (as posted above).

Most states will only issue one che... [ More ]

Reply #3

RJOh — Tue, 02 Aug 2011 18:18:14 GMT

You should check with your state lottery, up until a few years ago many states would only make out a single check to one person in a lottery pool/group and the group worked out the details of taxes and etc. Now states have a form that can be filled out with the names and SS# of each person in the pool/group with their share of the winnings and each will be given an individual check and W-2G so they are taxed individually. Dividing a group into other groups will require more work and probably som... [ More ]

Reply #2

dallascowboyfan — Tue, 02 Aug 2011 17:51:54 GMT

with guesser, you also need to contact a fiancial adviser/planner and an attorney that way those other fmaily member you are referring to won't file suit against you.

Reply #1

guesser — Tue, 02 Aug 2011 06:24:42 GMT

You mean eight different checks? You can do that.

As far as 'group within a group', you are making it more complicated than it needs to be, and all you will do is cause trouble ('How come I got less than so-and-so?'). You don't need the trouble, TRUST ME, and you WILL have trouble ('Why did you leave me out?').

Just do your eight groups, and let each group do what they want with it, or you simply make more groups from the eight, have ten or twelve, or whatever.

As far as taxes go, every... [ More ]

Question about lottery groups

Artemis — Tue, 02 Aug 2011 05:41:20 GMT

I play PB and MM every week. If I hit the big one, I'm going to split it into 8 groups, so we can all claim it together (mostly family). My question is, can there be a group within a group?

Is that allowed, and if so, how would it be handled/taxed?

Thank you